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Europe: Shares fall close to 3-month lows, Tesco outshines

Thu, Jan 14, 2016 - 4:30 PM

European shares fell on Thursday following two sessions of gains, with sentiment depressed by continued weakness in oil prices, which briefly dipped below the key $30 level, and worries over global economic growth.

PHOTO: REUTERS

[MILAN] European shares fell on Thursday following two sessions of gains, with sentiment depressed by continued weakness in oil prices, which briefly dipped below the key $30 level, and worries over global economic growth.

By 0808 GMT, the pan-European FTSEurofirst 300 index was down 1.4 per cent at 1,336.25 points, close to three-month lows reached on Monday after a rocky start to the year due to fears over a slowdown in China.

Weaker than expected results sent Swiss chocolate maker Lindt & Spruengli down around 3 per cent, while Richemont fell 1 per cent after the Cartier owner said business was likely to remain challenging following a 4 per cent quarterly sales drop.

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Tesco was the top performer on the FTSEurofirst, climbing 6.5 per cent, after lower prices and more staff helped the British supermarket chain post a better-than-expected result over the key Christmas period.